The changes come as part of an enhanced broker model developed after consultation with CIF and the bank’s third party network

A non-major bank has slashed variable rates by up to 20bps.

Adelaide Bank has announced reductions to both its SmartSaver and SmartFit variable rate products. The bank trimmed 15bps from its SmartSaver basic variable rate to take the rate to 4.84%, while its SmartFit rate has been cut 20bps to 4.89%.

"“Our most recent discount 'with a twist' is aimed at further supporting our brokers with a suite of competitive & genuine alternative options that add value for their clients," the bank's senior manager of broker distribution Fons Caminiti said.

Caminiti said the offer was not restricted by loan size, and that the bank will accept applications up to 90% LVR.

“The product features and online budgeting tools are specifically designed to help get clients on the path to reducing their home loan sooner and are available to both owner occupiers and investors," he said.

Caminiti said borrowers also had the option to split their loan between fixed and variable rates.

"This strategy gives you access to our SmartFix offering, also with great low rates - and hedges the decision about whether to go fixed or variable”, Caminiti said.